SMLMAH

SML Mahindra Limited

Intermediate and light commercial vehicle manufacturer

Industrials›Capital Goods›Agricultural, Commercial & Construction Vehicles›Commercial Vehicles

smlmahindra.com(opens the company website in a new tab)
Ask AI

Key metrics

Price as of 2026-10-16

Stock price
₹6124.00
Market cap
8,863 Cr
Stock P/E
56.7
P/B
17.06
Dividend yield
0.3%
ROE (FY26)
30.8%
ROCE (FY26)
29.4%
Operating margin (FY26)
8.0%
Debt / equity (FY26)
0.54
OCF / EBITDA (FY26)
56.1%
OCF / EBITDA (3Y)
41.0%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

Loading price history…

Compare with peers

Loading peers…

What you need to know

SML Mahindra (formerly SML Isuzu) builds trucks and buses, with buses including school buses its stronghold, and is a Mahindra & Mahindra group company after M&M bought a 58.97% stake from Sumitomo and Isuzu in August 2025.

Company snapshot

3rdBy market cap

Ranked among 4 companies in Commercial Vehicles.

What we see

Positives
  • ✓Interest coverage of 10.9x — earnings comfortably cover interest obligations.
Concerns
  • ✗Only 41% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.
1 more signal from the filings.Sign in free to see them all

Statement tables · Standalone

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Standalone only

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales499 Cr386 Cr680 Cr746 Cr550 Cr332 Cr771 Cr846 Cr555 Cr539 Cr898 Cr958 Cr
Operating expenses (approx.)459 Cr364 Cr608 Cr665 Cr505 Cr313 Cr681 Cr741 Cr513 Cr498 Cr807 Cr857 Cr
EBITDA39 Cr22 Cr71 Cr81 Cr45 Cr18 Cr90 Cr105 Cr42 Cr41 Cr90 Cr100 Cr
OPM %7.9%5.6%10.5%10.9%8.1%5.5%11.7%12.4%7.6%7.6%10.1%10.5%
Other income0.22 Cr0.97 Cr2 Cr1 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr3 Cr1 Cr
Interest7 Cr8 Cr11 Cr8 Cr6 Cr7 Cr9 Cr5 Cr3 Cr6 Cr7 Cr3 Cr
Depreciation12 Cr12 Cr12 Cr12 Cr12 Cr12 Cr12 Cr12 Cr13 Cr13 Cr13 Cr13 Cr
Profit before tax21 Cr3 Cr50 Cr62 Cr29 Cr0.75 Cr71 Cr90 Cr28 Cr24 Cr73 Cr85 Cr
Tax %0.3%6.0%-3.8%25.1%23.6%29.3%25.6%25.2%25.6%25.4%25.3%25.4%
Net profit21 Cr3 Cr52 Cr46 Cr22 Cr0.53 Cr53 Cr67 Cr21 Cr18 Cr54 Cr64 Cr
EPS (₹)₹14.57₹1.86₹36.14₹32.06₹15.06₹0.36₹36.60₹46.27₹14.55₹12.11₹37.46₹43.96

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,516 Cr1,174 Cr1,409 Cr1,154 Cr591 Cr924 Cr1,822 Cr2,196 Cr2,399 Cr2,838 CrSign in free for the trailing twelve months
Operating expenses (approx.)1,406 Cr1,129 Cr1,335 Cr1,142 Cr660 Cr965 Cr1,740 Cr2,017 Cr2,164 Cr2,560 CrSign in free for the trailing twelve months
EBITDA110 Cr45 Cr74 Cr12 Cr-68 Cr-41 Cr82 Cr179 Cr235 Cr278 CrSign in free for the trailing twelve months
OPM %7.3%3.9%5.3%1.0%-11.6%-4.5%4.5%8.1%9.8%9.8%Sign in free for the trailing twelve months
Other income4 Cr3 Cr4 Cr5 Cr4 Cr6 Cr3 Cr5 Cr6 Cr8 CrSign in free for the trailing twelve months
Interest6 Cr11 Cr16 Cr15 Cr23 Cr22 Cr25 Cr30 Cr30 Cr21 CrSign in free for the trailing twelve months
Depreciation24 Cr28 Cr38 Cr41 Cr46 Cr44 Cr42 Cr48 Cr48 Cr52 CrSign in free for the trailing twelve months
Profit before tax84 Cr9 Cr24 Cr-38 Cr-133 Cr-100 Cr17 Cr106 Cr162 Cr214 CrSign in free for the trailing twelve months
Tax %25.1%10.1%19.6%45.0%-0.1%0.5%-14.8%-1.3%25.1%25.3%Sign in free for the trailing twelve months
Net profit63 Cr9 Cr20 Cr-21 Cr-133 Cr-100 Cr20 Cr108 Cr122 Cr160 CrSign in free for the trailing twelve months
EPS (₹)₹43.54₹5.87₹13.53₹-14.55₹-92.24₹-68.94₹13.71₹74.54₹84.08₹110.39Sign in free for the trailing twelve months
Dividend payout %——————1.1%0.3%19.1%16.2%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital14 Cr14 Cr14 Cr14 Cr14 Cr14 Cr14 Cr14 Cr14 Cr14 Cr
Reserves389 Cr384 Cr399 Cr370 Cr241 Cr147 Cr163 Cr271 Cr368 Cr505 Cr
Borrowings40 Cr188 Cr214 Cr128 Cr207 Cr291 Cr258 Cr416 Cr322 Cr280 Cr
Other liabilities341 Cr400 Cr467 Cr346 Cr334 Cr364 Cr501 Cr511 Cr595 Cr597 Cr
Total liabilities785 Cr987 Cr1,095 Cr859 Cr796 Cr816 Cr937 Cr1,213 Cr1,299 Cr1,397 Cr
Fixed assets (net)208 Cr353 Cr369 Cr346 Cr321 Cr293 Cr275 Cr267 Cr263 Cr291 Cr
CWIP78 Cr27 Cr7 Cr3 Cr2 Cr5 Cr0.94 Cr3 Cr42 Cr23 Cr
Investments——0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr
Loans & advances——1 Cr1 Cr1 Cr0.61 Cr0.45 Cr0.67 Cr0.90 Cr0.85 Cr
Inventories295 Cr364 Cr424 Cr269 Cr260 Cr296 Cr422 Cr580 Cr578 Cr661 Cr
Trade receivables115 Cr117 Cr149 Cr39 Cr39 Cr79 Cr76 Cr169 Cr265 Cr270 Cr
Cash & bank5 Cr20 Cr27 Cr34 Cr19 Cr11 Cr3 Cr35 Cr3 Cr5 Cr
Other assets84 Cr106 Cr118 Cr167 Cr154 Cr131 Cr159 Cr159 Cr146 Cr146 Cr
Total assets785 Cr987 Cr1,095 Cr859 Cr796 Cr816 Cr937 Cr1,213 Cr1,299 Cr1,397 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity121 Cr-33 Cr55 Cr150 Cr-47 Cr-19 Cr90 Cr-50 Cr177 Cr156 Cr
Cash from investing-89 Cr-98 Cr-58 Cr-47 Cr-28 Cr-7 Cr-42 Cr-46 Cr-61 Cr-66 Cr
Cash from financing-34 Cr146 Cr10 Cr-97 Cr60 Cr17 Cr-55 Cr127 Cr-148 Cr-89 Cr
Net cash flow-2 Cr15 Cr7 Cr6 Cr-15 Cr-8 Cr-7 Cr31 Cr-32 Cr1 Cr
Free cash flow (OCF − Capex)0.78 Cr-132 Cr-6 Cr102 Cr-66 Cr-38 Cr49 Cr-92 Cr116 Cr86 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %20.3%3.4%6.4%-4.6%-23.8%-17.4%9.7%19.5%27.3%29.4%
ROE %15.6%2.1%4.7%-5.5%-52.2%-61.8%11.1%37.8%31.8%30.8%
Debtor days28363812243115284035
Inventory days117156146144215149103121122112
Days payable7691948915112371697869
Cash conversion cycle691019067885747808478
OCF / EBITDA %109.7%-72.4%74.2%n.m.——110.3%-27.8%75.7%56.1%
OCF / EBITDA % (3 years)——62.3%131.1%n.m.——9.9%44.0%41.0%
Debt / equity0.100.470.520.330.811.801.451.460.840.54
Current ratio1.601.361.271.200.820.710.791.011.171.25
Net debt / EBITDA0.32—2.517.90——3.122.131.360.99